Matolcsy to remain MNB governor, Pleschinger to stay on the MC for another six years

HUNGARY - In Brief 27 Feb 2019 by Istvan Racz
Parliament's Economic Committee voted to support another six-year term for György Matolcsy as governor of the MNB yesterday, after PM Orbán proposed Mr. Matolcsy's reappointment to the president of the republic. The head of the Economic Committee also said that the committee's Fidesz majority was going to vote to support Gyula Pleschinger as well, for reappointment as a Monetary Council member from early March.All this strongly suggests that Mr. Orbán is fundamentally satisfied with the existing conduct of monetary policy, and he wants full continuity in that regard. We would abstain from a vote on whether in long term this is good or bad for Hungary and the forint, but it is pretty much for sure that the prime minister's decision has increased the MNB's calculability for short-term. And in itself, the latter can be read as a factor to underpin the forint for a little while. However, this effect will likely be small and short-lived, as the reappointment of Messrs. Matolcsy and Pleschinger met a broad consensus expectation on the market.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.